Beyond Today Blog » 2012 » Marchhttp://blogs.wellsfargo.com/retirement
Share your financial insight and join the conversationMon, 23 Feb 2015 06:39:51 +0000en-UShourly1http://wordpress.org/?v=3.9.2Six keys to launching a successful reinventionhttp://blogs.wellsfargo.com/retirement/2012/03/six-keys-to-launching-a-successful-reinvention/
http://blogs.wellsfargo.com/retirement/2012/03/six-keys-to-launching-a-successful-reinvention/#commentsFri, 30 Mar 2012 14:00:00 +0000http://blogs.wellsfargo.com/retirement/2012/03/six_keys_to_launching_a_successful_reinvention.htmlContinue reading →]]>When a business creates its annual strategic plan, its leaders generally dedicate a month or two to identifying its goals and outlining what tactics they’ll use to achieve them. I use this analogy to let you know that even if you don’t realize it, you’re in business, too. You’re in the business of creating your new life!

When it comes to your reinvention, think of yourself as leader and CEO and devote at least a month to sketching out the strategies and tactics you’ll use to create the career and life you’ve always wanted. Here are six key points to incorporate into your planning so you can make a successful launch:

Know your action steps, and take the first one quickly. Whether it’s a new job or losing 20 pounds, it isn’t enough to simply want the changes you seek. To turn your dreams into reality, you need to take action. In fact, a study by my company, The Reinvention Institute, found that the longer you merely think about reinvention, the less likely you are to actually make it happen. So start by identifying the goal you want to achieve and make a list of the specific action steps that will get you there. Then pick one and get started immediately–even if it’s not the “right” one, it’s much easier to correct your course once you’re in motion.

Tap into an external source of motivation. It takes a lot of energy to push yourself into new territory. Relying solely on internal motivation depletes your energy reserves, and when you run dry, you’ll be tempted to abandon your plans. To stay the course, enlist a “personal trainer” (a friend or a coach) who will hold you accountable for making consistent progress on your reinvention and push you when you want to give up.

Know your internal barriers. During the reinvention process, you’ll face both external and internal hurdles. External hurdles are barriers that can be conquered by taking clear action steps; for example, if you need more training or new contacts, you can take classes or network on-line. Internal hurdles are more insidious: they are self-defeating beliefs that may show up as truisms (“I’m too old to reinvent myself”) or that you may not even realize exist (“I don’t deserve to be happy”). If you’re taking the right actions to overcome external barriers but not getting results, take an honest look inside to uncover which hidden belief systems might be blocking you and work through them so you can move forward.

Enlist others. A CEO needs a strong team to successfully launch a company’s strategic plan; likewise, you’ll need a winning team behind you to successfully launch your reinvention. Assemble your lineup of resources, including mentors to advise you; a coach to motivate and strategize with you; and a circle of like-minded people to keep you focused and inspired. You’ll make more rapid progress towards your goals if you regularly enlist your team’s support.

Make a long-term commitment. As women, sometimes we believe that if we push harder we can get results more quickly. But this strategy doesn’t work in reinvention–in fact, forcing the timeline can end up delaying your goal. Don’t try to reinvent yourself in a month or even three; instead, give yourself at least a year to enact change. Work on your hurdles and weave consistent action steps from your game plan into the fabric of your life. Tap into your external sources of energy and your “dream team” to help keep you on course.

Be willing to transform. In order to create the life you seek, you must be the type of person who can live the life you want. Make your inner growth a top priority in your reinvention plan. Be willing to give up excuses and make sure your attitude and actions match your vision.

As with any business, your plan will need fine-tuning and adjustments along the way. But by incorporating these six keys into your strategy, you’ll be off to a great start to launching your reinvention and creating the kind of work and life

]]>http://blogs.wellsfargo.com/retirement/2012/03/six-keys-to-launching-a-successful-reinvention/feed/0Delegation Part 2: Pick the right person for the jobhttp://blogs.wellsfargo.com/retirement/2012/03/delegation-part-2-pick-the-right-person-for-the-job/
http://blogs.wellsfargo.com/retirement/2012/03/delegation-part-2-pick-the-right-person-for-the-job/#commentsWed, 28 Mar 2012 13:00:00 +0000http://blogs.wellsfargo.com/retirement/2012/03/delegation_part_2_pick_the_right_person_for_the_job.htmlContinue reading →]]>Delegation is a skill that when done properly, saves you time, creates a circle of support, and enables you to achieve much more than you could on your own. Last week we discussed providing clear direction when assigning work, this week we’ll look at the art of hiring the right person.

Hiring the wrong person wastes huge amounts of money invested in people not capable of delivering what you need them to do. It also steals massive quantities of time you did not budget. Women have particular difficulty delegating–as they often don’t want to burden others who may have full plates, are afraid to ask for what they need, and are hesitant to be too probing when interviewing.

My client, Susan, came to me with a history of poor delegation experiences. Whether hiring a handyman, housekeeper, assistant, or architect, she always ended up shocked and disappointed at the work they produced, feeling like all the dollars (and hours) she invested went swooshing down the drain.

The latest: she’d hired a chef/nutritionist to put together a menu plan for the family to ensure the variety and balance they needed. Her assumption was she would get a complete program – 30 days of menus, no two days alike, with all the recipes to go with it. After paying a small fortune, you can imagine her shock, when all the nutritionist sent was shopping guidelines, a handful of meal suggestions, and about a dozen recipes. In analyzing the history of their communication, we discovered where Susan had gone wrong–she’d been very unclear about what she’d hired the nutritionist to do.

I suggested Susan reach back out to the woman, explain the mistake, and ask what it would take to get what she wanted. Here’s what she learned:

It took me a while to work up the nerve to write to the nutritionist. Her response came today. Seems she has a very different approach to food – I was looking for a structured, detailed plan I could simply follow; her philosophy about food is based on improvisation. And, she doesn’t have the “bank” of recipes in her database I’d assumed she did, she believes in cooking based on what looks fresh in the market that day. Ah, well. Looks like she was never the right match.

Through coaching, I gave Susan an organized process for improving her batting average with future hires.

Define your expectations. Sit down with pen and paper and ask yourself (sans guilt)…How will I measure success for the money I am investing in this person? What do I expect they will bring to the project or task that I can’t do myself? List the time, skills, and talent you imagine this person needs to do this job (i.e. creativity, flexibility, speed, integrity, etc.), and devise questions that will probe at their skills in each area. Being crystal clear on what you want makes it easier to recognize the right resource when you find it.

Interview based on historic performance, not future vision. When interviewing, we often ask questions in hypothetical terms–e.g. “How WOULD you do something…“which only produces answers based on what the candidate thinks you want to hear. History (or behavior) based interviewing stems from the belief that the greatest indicator of future success is past behavior. Try asking for examples from past job experiences, using questions that begin- “Tell me about a time when…” or “Give me an example of a moment that…” You’ll be amazed at what you hear. By listening to each candidate’s detailed stories of what they have ACTUALLY done, you are in a FAR BETTER position to evaluate if they are a good match for your needs, and have the experience to deliver on your goals.

Comparison Shop (at least three candidates). Susan had hired this chef/nutritionist without doing her homework. It was on a whim, following a cooking class she’d taken with her at a local college. Susan was so enamoured with the woman’s knowledge about food, she assumed creating a menu plan would be a cinch. Always interview at least three candidates, so you have options to compare and contrast. Shopping allows you to pick the person who is the best match for your specific needs, and often helps you learn what is reasonable to expect.

Taking the time to be clear and methodical when hiring, may take longer up front, but it could surely help save you beaucoup dollars (and precious time) in the end.

]]>http://blogs.wellsfargo.com/retirement/2012/03/delegation-part-2-pick-the-right-person-for-the-job/feed/0Perfection and financeshttp://blogs.wellsfargo.com/retirement/2012/03/perfection-and-finances/
http://blogs.wellsfargo.com/retirement/2012/03/perfection-and-finances/#commentsMon, 26 Mar 2012 14:00:00 +0000http://blogs.wellsfargo.com/retirement/2012/03/perfection_and_finances.htmlContinue reading →]]>Early this morning, as things were – once again – not going exactly as planned, I found myself drawn to an interesting (and appropriate) blog post on Psychology Today. It centered on our desire to be perfect and how lingering too long on the thought of perfection can be a real drain on our happiness. “The more you find ways to see [these imperfections] as your own special qualities, the less perfectionism will maintain its hold over you.”

That makes sense not just in your life overall, but in your financial life specifically. Perfection may be an admirable goal but when it comes to your money it’s often just not possible. Sure, you can potentially find the best credit card for you. You can nail the best deal on an insurance policy or a car. But whether it’s worth your time is questionable.

In my new book, Money Rules: The Simple Path To Lifelong Security, which contains guidelines to help you make decisions about your money simpler and easier, there is a rule that says, “The more time you spend looking, the less happy you’ll be with what you find.” It’s true. Researchers surveyed job-hunting college seniors and found that those who searched for perfection generally did land jobs paying 20 percent more. Unfortunately, those former students liked those jobs much less. That makes sense. If you’re looking for the ultimate opportunity, the one you eventually choose is destined to fall short. The not-so-picky students were happier with their jobs. The same applies to any big purchase. Spend days searching for the best flat-screen TV and you’ll always doubt your choice. Find one in a few hours that fits all your needs at a decent price? You’re gonna love it.

And that’s assuming there is a “best” option. In the world of money, there often is not. That’s the way it works with investments of all sorts. You do your homework, get help when you need it, and you do the best you can.

So what can you do if you find yourself, too often, striving for perfection? In life, Amy Przeworski, Ph. D., who wrote the piece for Psychology Today suggests trying to be “deliberately imperfect. Make small mistakes and do not fix them,” she writes. She also believes you should know why you’re aiming so high. Are you doing this for yourself or because you don’t want to let others down? Knowing what’s behind your tendencies can help you reign them in.

And in money? Automate! If you know, for example, that you have a tendency to procrastinate, the more automation you can build into your financial life the better off you will be. Automatic transfers into retirement and other savings accounts can act as insurance that money actually gets saved rather than being frittered away. Similarly, putting your mortgage, utility and credit card bills on an auto-payment schedule can save you from the possibility of late payments, protecting both your wallets and your credit score.

]]>http://blogs.wellsfargo.com/retirement/2012/03/perfection-and-finances/feed/1How to get into a reinvention groovehttp://blogs.wellsfargo.com/retirement/2012/03/how-to-get-into-the-reinvention-groove/
http://blogs.wellsfargo.com/retirement/2012/03/how-to-get-into-the-reinvention-groove/#commentsFri, 23 Mar 2012 14:00:00 +0000http://blogs.wellsfargo.com/retirement/2012/03/how_to_get_into_the_reinvention_groove.htmlContinue reading →]]>This month I finally acted on a long-held dream and signed up for salsa lessons: as a little girl, I used to fantasize that a handsome Latin man would swing me around the dance floor. Well, I did end up marrying a handsome Latin, but unfortunately he is one of the rare men of his culture who simply cannot dance. (His mother waited until after the wedding to tell me he inherited his lack of rhythm from his father!)

In salsa, each dance step builds upon the next–if you miss one, you lose the rhythm. It struck me that reinventing yourself is the same way: if you want change to flow smoothly, you can’t skip any steps. Here are four dance class-inspired tactics you can use to get yourself into the groove of personal transformation:

Make it fun. I’ve had friends offer to teach me salsa, but for me it’s always more fun to take a class. Use this same tactic and look for ways to make the work of your reinvention enjoyable. Choose a serene spot to work on visioning, such as a beach or a park. And networking’s more fun if you meet at that new, hip bistro. The more you tap into the fun, the more eager you’ll be to work on your reinvention–and the more likely you are to stick with your reinvention plan.

Show up regularly. Just as if I don’t show up for class I’ll continually be back at square one, it’s difficult to get into a reinvention groove if you only parachute in periodically. Make it a habit to carve out regular time on a weekly basis for your reinvention. As the saying goes, it takes 21 days to develop a new habit. With consistency in those first few weeks–and then regular commitment to working toward your goals–you will soon find yourself in the habit of grooving along with your reinvention.

Retrain your brain. I felt very unconfident in salsa class; I could barely remember each step while the intermediate students next to us were gliding serenely through their moves. In the same way, reinvention will bring up a lot of your fears, doubts, and insecurities. If you allow yourself to succumb to those feelings, you’ll have a tough time finding your groove. (Perfect illustration: every time I started thinking about how badly I was doing, I’d crash into my dance partner!) To overcome these stumbling blocks, train your brain to look at your daily successes and remind yourself of your progress. Focus on what’s going well and ignore negative feelings that zap your confidence. By doing this, your brain will learn to think positively and gravitate toward additional success. I used this strategy in class and redirected my thoughts to what I was doing right; by the end of the session, I had the steps down pat.

Tap into the energy of others. One of the reasons I chose a class was so I could use the energy of others to help me move forward. Use this same tactic in your reinvention and tap into the positive energy of the people around you. As you surround yourself with people who are successfully doing what you aspire to, you’ll share in their fun and excitement and infuse yourself with reinvention energy. (I did this myself by befriending an intermediate student who told me her journey in salsa and encouraged me to keep coming back.) Use this positive group vibe to fuel your progress and get into the groove.

I know that to make my salsa fantasy real I must practice, so I’ve committed to myself that I will go to class at least once or twice a week. The same is true for the dreams you have for your life–the more often you practice these reinvention strategies, the more you’ll be in the groove of positive change. And once you do that, there’s nothing that can stop you from building a solid pathway to a life you love.

]]>http://blogs.wellsfargo.com/retirement/2012/03/how-to-get-into-the-reinvention-groove/feed/1To blog or not to bloghttp://blogs.wellsfargo.com/retirement/2012/03/to-blog-or-not-to-blog/
http://blogs.wellsfargo.com/retirement/2012/03/to-blog-or-not-to-blog/#commentsThu, 22 Mar 2012 14:00:13 +0000http://blogs.wellsfargo.com/retirement/2012/03/to_blog_or_not_to_blog.htmlContinue reading →]]>To blog or not to blog – it really wasn’t a question. Since I have enjoyed ranting about Social Media and the impact of technologies on our business for more than a year, it is about time I plunge into the blogosphere. My day job is to manage a large organization inside of a huge corporation. This involves motivating teams, generating new ideas, breaking down road blocks, providing resources, balancing budgets, using a lot of acronyms, and refereeing disagreements. My daughter thinks I sit in my office, eat Skittles, and talk on the phone all day. Some may agree that she is wise beyond her years.

In my personal life I am the mom of a beautiful 8-year old girl and the partner of 15 years to my daughter’s other mom. While some may think we have a non-traditional family, we are a whole lot like every other family in our neighborhood. We have the same time and balance challenges, the same school, church and community decisions, the “you planned what for our weekend?” opportunities, and similar financial matters. In my blog time, I hope to share some of the similarities and differences across traditional and nontraditional families.

I was raised in rural Cajun country of south central Louisiana. My family was unique, and since my mom may read this, I will leave the commentary right there. Any discussion of money or finances was negative. So, in my youth I saw money as a problem, an obstacle, something you can never have enough of. I worked my way through college and graduate school by holding many jobs at once and I managed to get out of college with $10,000 in debt on a Visa card. Not too bad. However, even though I had a Master’s degree, I knew nothing about money or saving.

My first job leading a marketing department at a small bank offered me an opportunity to start learning about finances – really about how to help our customers, not so much what I should do personally. I have always been conscientious, so I have always had a budget; but I did not have a financial plan until 2005. Yes, it was not until just before I got licensed to offer financial advice did I have my own house in order. Today I have a pair of terrific FAs, I have a lawyer that helps to keep our legal documents solid and we know where we stand financially.

In blogs out ahead I will talk about the legal matters faced by a nontraditional family such as mine, as well as the unique impact of longer life expectancies on a household headed by two women, and a few personal stories to share a different perspective. I hope to start some dialogue and hope you will join me in this new adventure.

]]>http://blogs.wellsfargo.com/retirement/2012/03/to-blog-or-not-to-blog/feed/27Delegation part 1: Providing clear directionshttp://blogs.wellsfargo.com/retirement/2012/03/delegation-part-1-providing-clear-directions/
http://blogs.wellsfargo.com/retirement/2012/03/delegation-part-1-providing-clear-directions/#commentsWed, 21 Mar 2012 13:00:00 +0000http://blogs.wellsfargo.com/retirement/2012/03/delegation_part_1_providing_clear_directions.htmlContinue reading →]]>Imagine you are shipping something across the country – family heirlooms, a dining set, an old loveseat for your son, the recent college graduate. Now, imagine when the guy driving the truck arrives, you provide fuzzy directions – a town, but no street address, your son’s first name only, no deliver-by due date, no hint of how to get there. You slap him on the back on the way out the door, “You’ll be great, buddy, just figure it out.” Sheer madness, right? This is how people delegate tasks all the time.

By all measures, delegation is a challenging time management skill. People often lament – “by the time I explain it, I could just do it myself” or “every time I delegate something I have to re-do the work anyway.” At the root of blurry direction are usually two feelings, either a belief that your guidance might cramp the other person’s style; or worse, “I don’t know what I want, but I know it when I see it” (fourteen words sure to make anyone with services-for-hire shudder).

Staying vague is costly–you waste bundles of money paying people who don’t produce what you want or need, or redoing the work 10 times, as you change your mind. You also pay in gobs of time – taking over tasks that weren’t on your to-do list, stealing focus and energy you can’t afford.

Whether you’re delegating at the office, bringing on a landscaper or hiring a photographer for your daughter’s upcoming nuptials (as I am), for three ways to improve your “guiding” skills:

Do a gut check. The best delegators are people with keen analytical minds – they can break almost any process down into disparate pieces. Contrast that with more intuitive thinkers who figure things out by “doing” them. Yet, within two seconds of getting back something they delegated–they instantly see what is wrong. That’s because they really do have core criteria they measure all work by; it’s just buried deep inside. To tune into your “gut” feelings when assigning a task, ask yourself, “when this comes back to me, what will I be looking for?” (e.g. originality, accurate spelling, no repetition). Write those non-negotiables down and share them with the person you’ve assigned the job. Establishing clear criteria for success allows the person to self-evaluate their work before they deliver.

Provide Direction. One of the hardest things to learn – in delegation and in life – is that most people don’t think like you do. You want them to, you wish they would, but really they just don’t. (I think you’re lucky to be “in synch” with three out of ten people you live or work with.) If you have an idea about the route you’d like someone to take to get something done, don’t be shy – tell them. How much direction you provide will depend on the level of expertise you’ve hired for the job, e.g. beginners will appreciate more detailed direction, while a peer or expert won’t need as much (as long as the end goal is clear). This isn’t micromanagement. It’s empowering the person to deliver what they’ve been hired to do.

Move up the deadline. No matter how skilled you become at setting clear expectations and providing the perfect blend of direction and encouragement, you can’t expect perfection. One hundred percent accuracy on a delegated task is like a hole-in-one on the PGA tour. Never set deadlines for delegated work dangerously close to final delivery dates. Build enough cushion into the schedule so you have time to review the work and send it back for fixes.

If you were hiring someone to transport your possessions, of course you’d tell the driver where, when and to whom to deliver the goods – you might even suggest an ideal route (to avoid traffic, pot holes, speed traps, etc.). The finer details-exact speed, which rest stops, what station on the radio dial – is up to the driver.

To get good at the intricate dance that is delegation, the strategy (perhaps counter-intuitively) is to study your own patterns first and get clear about what you want. Is your way the only way? No. Is it the way you prefer? Yes. Assure yourself that what you want is okay, and make your life easier by telling people what you want the first time.

]]>http://blogs.wellsfargo.com/retirement/2012/03/delegation-part-1-providing-clear-directions/feed/0Let’s celebrate womenhttp://blogs.wellsfargo.com/retirement/2012/03/lets-celebrate-women/
http://blogs.wellsfargo.com/retirement/2012/03/lets-celebrate-women/#commentsTue, 20 Mar 2012 14:00:00 +0000http://blogs.wellsfargo.com/retirement/2012/03/lets_celebrate_women.htmlContinue reading →]]>I love March because it is my son’s birthday, the beginning of spring and Women’s history month. A whole month where women’s contributions and commitment to nature and the planet, that have proved invaluable to society, are celebrated.
I’m sure most of us can think of many famous women in history that we admire and feel connected to, but what about the women that aren’t famous? What about the women in your family, community or in your close circle of friends that are making a difference on a daily basis?

I have a few people that stand out in my life:

My grandmother Dorothy left Nazi Germany in 1938 to come to America, on her own, not speaking the language or having a job. To her it was what she had to do, leaving her family and friends behind and the home that she loved. This strength and grace was the core of who she was and I carry it with me to this day.

There is also my good friend Wendy and her amazing friend Sharon who run a local grass roots charity called Kids First of the Carolinas. These two women quietly work to help local families in need, help themselves to a better lifestyle. They receive no local, federal or state funding, nor do they get paid to do this job. Yet they provide food, clothing and shelter to anyone in need that they come in contact with. I have no words to describe my awe and gratitude for these women and what they accomplish on a daily basis.

I could go on and on forever about all of the women I love, admire and who have touched my life but I’d rather hear what you have to say about the women who have made a difference in your life.

Pamela Mitchell

My grandmother was smart, independent-minded, powerful and incredibly frustrated. As a black woman in the 1940s the opportunities available to her were severely limited, so she poured her energy into making a better life for her children. My mother picked up the baton, blazing a trail in the corporate world in the 70s and fighting for opportunities so that her daughters would have an easier time. My accomplishments are a direct result of their efforts, and I am grateful for their struggles to open doors as well as for the legacy of power, purpose and focus they have given me.